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Apartments Trade to SoCal Exchange Buyers for $4M

PEORIA, AZ-A 1031 exchange buyer from southernCalifornia makes its first acquisition in Arizona,a 100-unit, class B apartment complex in suburban Phoenix.

By Jennifer D. Duell | Updated on December 27, 2004

PEORIA, AZ-The Villas at Montebella, a 100-unit,class B apartment complex has sold for $4 million to a 1031 exchange buyer from Los Angeles. Hope of Montebella LLC purchased the complex, which is located at 10860 North 85th Ave. Downtown in this Phoenix suburb,from Leo Ventures LLC of London.

“This is their first buy in Phoenix… they found it very difficult to make a purchase in California that made sense for them, so they came to Phoenix where there are buying opportunities,” says David Fogler, SVP of Grubb & Ellis-BRE Commercial LLC, who represented Leo Ventures in the transaction along with Steve Nicoluzakis.

Fogler tells GlobeSt.com that Hope of Montebella expects to generate some upside from improving the property’s operations. “The buyer looked at the complex as a combination of providing a decent cashflow and a good opportunity for them to go in and run it differently and create some value–they’re going to manage the property themselves and that’s where they feel the opportunity is,” he says. He adds that Leo Ventures found it increasingly difficult to managethe property from London.

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